Illumina Reports Financial Results for Second Quarter 2003
Thursday July 17, 3:01 am ET
SAN DIEGO--(BUSINESS WIRE)--July 17, 2003--Illumina, Inc. (Nasdaq:ILMN - News) announced today its financial results for the second quarter and six-month period ended June 29, 2003.
For the quarter ended June 29, 2003, the Company reported revenues of $4.8 million, a 153% increase compared to revenues of $1.9 million in the second quarter of 2002. Revenues for the six-month period ended June 29, 2003 were $9.0 million, a 181% increase compared to revenues of $3.2 million for the same six-month period in 2002. For the quarter ended June 29, 2003, the Company reported a net loss of $8.6 million, or $0.27 per share, compared to a net loss of $16.4 million, or $0.54 per share, in the second quarter of 2002. Net loss for the six-month period ended June 29, 2003 was $17.6 million, or $0.55 per share, compared to a net loss of $25.1 million, or $0.82 per share, for the same six-month period in 2002. Expenses in the second quarter of 2002 included a one-time charge of $7.7 million related to a termination-of-employment lawsuit. Without this charge, the net loss for the second quarter and six-month period ending June 30, 2002 would have been $8.7 million, or $0.28 per share, and $17.4 million, or $0.57 per share, respectively. Cash and investments at June 29, 2003 totaled $52.5 million.
During the quarter, Illumina completed installation of a production-scale SNP genotyping BeadLab at Montreal-based Genome Quebec to support Canada's participation in the International HapMap Project. The Company signed additional agreements for the purchase of three production BeadLabs with: the National Center for Biochip Technology (NCBT) in Shanghai, China; Johns Hopkins University in Baltimore, Maryland; and a large research institute whose identity will be disclosed following installation later this year. Year to date, Illumina has signed purchase agreements for five production-scale SNP genotyping BeadLabs.
Also during the quarter, the Company announced a second, highly flexible array platform. The Sentrix® BeadChip complements the Sentrix 96-sample Array Matrix, delivering even greater power to the Array of Arrays® approach that Illumina invented and introduced to the high-throughput genomics market. Sentrix BeadChips will support the same applications as the Company's fiber-based array matrices, including SNP genotyping and gene expression.
Jay Flatley, Illumina President and CEO, commented, "We did an excellent job in Q2 of executing to plan and laying the groundwork for continued revenue growth through the end of the year. Our Customer Solutions team installed the Genome Quebec BeadLab ahead of schedule, providing a second site that will contribute meaningful and ongoing revenue from the sale of oligos, reagents and Sentrix Array Matrices. HapMap-related revenue will also begin to ramp up in Q3. Additionally, we signed a number of service agreements with new customers as well as repeat customers, highlighting the value we are delivering to the marketplace."
Other Quarterly News and Highlights
Illumina has signed five BeadLab agreements in 2003, achieving a corporate milestone set for the entire fiscal year for the purchase of production-scale genotyping systems.
Year to date, Illumina has signed 11 genotyping service agreements against a fiscal year milestone of 15 such contracts.
Illumina implemented additional Oligator(TM) manufacturing and software enhancements to expand capacity, increase throughput, and further reduce operating costs.
On schedule, Illumina delivered a list of proposed quality-control SNPs to the HapMap Project planning team. The Company is on track to develop assays for roughly 250,000 SNP markers that will be analyzed for common haplotypes representing approximately 15.5% of the human genome.
The U.S. Patent and Trade Office awarded one new patent to Illumina, bringing our total to 28 issued or allowed and 61 pending.
Illumina (www.illumina.com) is developing next-generation tools for the large-scale analysis of genetic variation and function. The information provided by these analyses will enable the development of personalized medicine, a key goal of genomics and proteomics. The Company's proprietary BeadArray technology provides the throughput, cost effectiveness and flexibility necessary to enable researchers in the life sciences and pharmaceutical industries to perform the billions of tests necessary to extract medically valuable information from advances in genomics and proteomics. This information will correlate genetic variation and gene function with particular disease states, enhancing drug discovery, allowing diseases to be detected earlier and more specifically, and permitting better choices of drugs for individual patients. |
